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Description

This course provides a general overview of insurance principles. It begins by defining frequently used terms in the industry. As the course develops, it illustrates the insurance process and the need for insurance. It expands to guide the student through the various mechanics, the types of insurance products available, and its applicability in different situations while illustrating with examples wherever possible.

Course Objectives

Upon completion of this course, the student will be able to:

Differentiate between insurance, insured, and insurer

Define and understand the concept of premiums

Cite similarities between risk transfer mechanisms and insurance

Explain key concepts/terms used in relation to insurance

Describe the need for insurance

Discuss the various types of insurance available

Summarize the mechanics of insurance

Identify the role of insurance agents

Explain the mechanics of Life Insurance, its need and importance

Outline the application process

Describe the policy clauses

Differentiate between the various types of insurance companies

Summarize the concepts of Whole Life Insurance and Joint Life Insurance